Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, April 20, 1995 TAG: 9504210057
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
The U.S. Justice Department's antitrust division has requested more information relating to Ingersoll-Rand Co.'s planned-acquisition of Clark Equipment Co.
The two companies said Wednesday that the Justice Department sought more information on Ingersoll-Rand's paving equipment business as part of its review of their $1.5 billion merger.
``We're prepared to consider a divestiture of the paving equipment operation if there are antitrust problems regarding the deal,'' said Gene Donati, an Ingersoll-Rand spokesman, said Wednesday.
Ingersoll-Rand's paving equipment business contributes about $10 million to the Woodcliff Lake, N.J.-based company's $4.5 billion in annual sales, Donati said.
Ingersoll-Rand last week sweetened its offer for South Bend, Ind.-based Clark to $86 a share. Clark's directors had rejected Ingersoll's initial hostile bid to acquire the company for $1.34 billion, or $77 a share.
- Associated Press
MTV teams up with Polygram
MTV Networks, which severed ties with Rupert Murdoch's StarTV service in Asia last year, said Wednesday it has teamed with the international record and film company PolyGram NV to launch two new MTV music channels in Asia.
The first one, MTV in Mandarin, starts up Friday. Beamed by satellite from Singapore, it initially will reach about 2.5 million people in Taiwan and eventually serve Mandarin-speaking people in more than 20 countries.
Then, May 5, the partners will launch an English-language channel, MTV Asia, which eventually will reach more than 39 countries. MTV will be in control of creative content, and, MTV officials said, PolyGram records won't get preference over other record companies. Both channels will feature a mix of regional and international artists and use Asian ``veejays.''
Polygram and MTV, a division of Viacom Inc., will face off in the Asian market against StarTV's new music service, Channel V, which has one channel in Mandarin and another in Hindi and English.
- Associated Press
Roanoke firm earns affiliation
Glenn, Flippin, Feldmann & Darby, a Roanoke law firm, said it has been selected for membership in Commercial Law Affiliates, an international affiliation of independent, mid-sized business and commercial litigation law firms.
Members of Commercial Law Affiliates meet quality-control criteria and adhere to a number of ongoing requirements designed to help assure client satisfaction.
Frank Flippin, a partner in the firm, said the organization will provide access to experienced attorneys worldwide. The Minneapolis-based network has 200 member offices in cities worldwide.
- Staff report
Novelty store opens on market
Beginner's Luck, an art and novelty store, has opened on the Roanoke City Market at 314 Market St. Joyce Mills operates the store, which features crafts, art and other novelty gifts.
- Staff report
Va. companies win contract
RESTON - The Navy has awarded a health-care contract worth up to $101.7 million to PHP Healthcare Corp. of Reston and Sentara Health System of Norfolk.
Under the contract to provide medical care to Navy personnel in the Norfolk area, PHP Healthcare will set up and operate four primary-care centers in addition to one it already operates in the Tidewater area. Navy patients who need hospital care will be sent to Sentara hospitals.
Sentara will provide about 60 percent of the services. PHP Healthcare will provide the rest.
The initial phase of the contract runs from Oct. 1, 1995, until September 1996 and is worth $18.7 million. If all options are exercised, the contract will run for five years.
The alliance with Sentara marks a first for PHP Healthcare, a nationwide managed-care organization with 3,000 employees, said Charles H. Robbins, PHP's president and chairman.
- Associated Press
by CNB